One-glance verdict
Undervalued
$141.08 our estimate vs market $44.10
Wall Street consensus: $62.50 (-55.7% lower than our fair-value estimate)
69% below our estimate, below the bear case
Fundamentals snapshot
Tsakos Energy Navigation Limited
TEN · NYQ · Energy · Oil & Gas Midstream
Current price
$44.10
52-week range
$21.65 - $56.73
Market cap
$1.33B
Balance sheet
Stretched
2.55x Stretched
Net debt $1.63B. Interest coverage shows how many times profit covers the interest bill.
What stands out
3 Rewards
2 Risks
3 rewards · 2 risks
- Reward Free cash flow was positive in 2/10 years.
- Reward Trades at 4.5x P/E vs peer median 6.0x (26.0% cheaper).
- Risk Stock trades 29.9% above its 5-year average P/E.
- Risk Net debt grew 7.0% over 3 years.
What this company does
Tsakos Energy Navigation Limited
Tsakos Energy Navigation Limited (TEN) is like a moving company for oil, owning and operating ships that carry crude oil and refined petroleum products all around the world. Most of their money comes from charging shipping fees for these deliveries, and this business matters because it's a vital part of getting fuel from where it's produced to where it's used.
How the company got here
Tsakos Energy Navigation Limited (TEN) was founded in 1993 by Dr. Nikolas P. Tsakos, building on his family's long history in the maritime industry that dates back to 1970. Initially known as MIF Limited, the company changed its name to Tsakos Energy Navigation Limited in July 2001. TEN was one of the first shipping companies to go public, listing on the Oslo Stock Exchange and later moving to the New York Stock Exchange (NYSE) in 2002. Over its history, TEN has grown into one of the largest independent tanker operators globally, known for its financial stability and sustained growth. The company has expanded its fleet and services over the years, adapting to market changes and investing in new technologies and vessel types.
What it actually does
Tsakos Energy Navigation Limited is in the business of moving liquids around the world using ships. Think of them as a global delivery service for oil and gas. They own and operate a large fleet of specialized vessels designed to carry crude oil, which is the raw material from oil wells, and refined petroleum products, like gasoline and diesel fuel that we use every day. They also transport liquefied natural gas (LNG), a cleaner form of energy. Essentially, TEN provides the ships that transport these vital energy resources from where they are produced to where they are needed, serving major oil companies and refiners across the globe.
Crude Oil Tankers
This is a major part of TEN's business, focusing on transporting crude oil. They operate a variety of large ships, including Very Large Crude Carriers (VLCCs), Suezmax, and Aframax tankers. These vessels are designed to carry massive amounts of crude oil, which is the unrefined petroleum extracted from the ground. Companies that produce oil and companies that refine it into usable products pay TEN to move this oil across vast oceans, making this segment crucial for the global energy supply chain.
Product Tankers
This segment of TEN's business involves transporting refined petroleum products. Unlike crude oil tankers, these ships carry products that have already been processed in refineries, such as gasoline, diesel fuel, jet fuel, and other similar items. TEN's fleet in this area includes Handysize, MR (Medium Range), and LR (Long Range) vessels, which are suited for different shipping distances and product volumes. Customers like oil companies, traders, and distributors hire these tankers to move finished fuel products to various markets.
LNG Carriers
Recognizing the growing global demand for cleaner energy sources, TEN has expanded into the transportation of Liquefied Natural Gas (LNG). LNG is natural gas that has been cooled down to a liquid state, making it easier to transport over long distances. These specialized carriers are crucial for moving this energy resource from producers to consumers. This segment represents TEN's investment in the future of energy transportation and its adaptation to evolving market needs.
Shuttle Tankers
TEN also operates specialized shuttle tankers, often equipped with dynamic positioning (DP2) technology. These vessels are designed for specific operations, particularly in offshore oil fields where they load crude oil directly from production platforms and then transport it to larger, more conventional tankers or to shore facilities. This niche service is vital for certain types of oil extraction and transportation, showcasing TEN's capability to handle complex and specialized maritime logistics.
What management is betting on now
Tsakos Energy Navigation is focused on modernizing and expanding its fleet to meet future energy demands and environmental standards. A key strategy is investing in new, more efficient vessels, including dual-fuel LNG-powered tankers and shuttle tankers, to reduce their environmental impact and serve growing markets like offshore Brazil and West Africa. They are also actively managing their fleet by selling older ships and acquiring newer ones, aiming to maintain one of the youngest fleets in the industry. This focus on a modern, diversified fleet and strategic growth in specialized areas like LNG and shuttle tankers is designed to ensure stable revenue and long-term value for shareholders.
Price history
How the share price has moved
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Loading price history…
Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2024 Q4
$-181.93M
FY2025 Q4
$-4.53M
Revenue
$798.69M
Net income
$160.90M
Diluted EPS
4.45
Operating cash flow
$297.62M
Free cash flow
$-4.53M
Fetching…
Sources
Revenue
$804.06M
Net income
$176.23M
Diluted EPS
5.03
Operating cash flow
$307.68M
Free cash flow
$-181.93M
Fetching…
Sources
Is it cheap or expensive?
Fair value $141.08 vs current price $44.10
Wall Street consensus is the average analyst price target: $62.50 (-55.7% lower than our fair-value estimate).
Our most-likely fair value is $141.08 a share — about 219.9% above today's price of $44.10, so the stock currently looks cheap (undervalued).
Is it drowning in debt?
Stretched
Net debt $1.6B. Interest coverage 2.6x.
Net debt
$1.63B
Interest coverage
2.55x
Tsakos Energy Navigation Limited's profit covers its interest bill about 2.6 times over.
Stretched
Worse cushion
Baseline
Better cushion
TEN
BASELINE
Tsakos Energy Navigation Limited
Total debt $2.10B Interest coverage 2.55x This is the baseline the peer rows are being compared against.
Total debt $2.43B Interest coverage 2.57x +1% vs TEN Has roughly the same debt cushion as TEN.
Total debt $652.77M Interest coverage 7.17x +181% vs TEN Carries about 2.8x more debt cushion than TEN.
Total debt $37.50M Interest coverage 74.24x +2,810% vs TEN Carries about 29.1x more debt cushion than TEN.
Total debt $406.57M Interest coverage 1.35x -47% vs TEN Carries about 1.9x less debt cushion than TEN.
Total debt $522.53M Interest coverage 4.61x +81% vs TEN Carries about 1.8x more debt cushion than TEN.
What you should know
The case for and against TEN
3 Rewards
2 Risks
Rewards
-
Free cash flow was positive in 2/10 years.
-
Trades at 4.5x P/E vs peer median 6.0x (26.0% cheaper).
-
Dividend yield is 4.3% with 25-year payout history.
Risks
-
Stock trades 29.9% above its 5-year average P/E.
-
Net debt grew 7.0% over 3 years.
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
4.47x
Forward P/E
3.68x
P/B
0.67x
P/S
1.38x
EV/EBITDA
5.77x
PEG ratio
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Profitability
How much profit each dollar creates
Gross margin
61.8%
Operating margin
41.8%
Net margin
33.8%
ROE
17.2%
ROA
5.6%
Health
Liquidity and balance-sheet strength
Debt / equity
1.02x
Current ratio
1.40x
Quick ratio
1.23x
Total debt
$2.10B
Total cash
$470.43M
Growth
How the business has been compounding
Revenue TTM
$3.35B
Revenue 5Y CAGR
10.0%
EPS TTM
9.87
EPS 5Y CAGR
-9.5%
Cash flow
How much cash the business throws off
Operating CF TTM
$1.29B
Free CF TTM
$-4.53M
FCF margin
-0.1%
Dividend
Shareholder payout
Yield
4.3%
Payout ratio
16.2%
Last ex-div date
2026-07-23